Competition? That's the enemy isn't it? Why would you sell or worse, give the competition your ideas? It doesn't seem to make sense at all and yet it's a very solid business strategy—and especially for small business. In this episode, you'll find three solid reasons why competition can change your life for the better. Right click here and ‘save as' to listen to this episode. You are read the transcript on the website too:#155: Why Selling Strategies to Competition Is a Smart Idea ================ Approximately every month we take our nieces, Marsha and Keira for dinner, but Keira always does something very curious. Since the girls were little, my wife Renuka and I have taken them to dinner After dinner we head to the mall, where they buy themselves an ice-cream. The first thing Keira does when she gets her ice-cream is offer me the first bite. “Not too big a bite”, she'll always say. But yes, I do get the first bite, before she continues to devour the rest of the ice-cream. In doing so, Keira is sharing what's rightfully hers to keep. She doesn't need to have a chunk of her ice-cream bitten off, no matter how small. Like Keira, our business is our ice-cream We don't need to share our secrets with someone else, do we? Yet, the smaller your company, the bigger the upside in sharing the secrets and knowledge you've gained over the years. Big companies can thrive on muscle power alone and sell solely to their customers. A smaller business, on the other hand, needs to learn to share; to teach the competition what they already know. I know, I know, this strategy sounds really odd. However, there are very solid reasons why you should wade right into the unlikely world of “teaching your competitors”. Let's find out why and cover three main points. 1: Clients Come And Go, Competition Remains Longer 2: You're always ahead of the competition (even when you tell them what you know) 3: Why selling your information to competition makes the market more viable Part 1: Clients Come And Go, Competition Remains Longer Imagine you dominated 90% of your market. Would you be happy? About 20 years ago, I heard of a lumber company that was hugely successful. So successful, in fact, that the competition was reduced to just 10% of the share of market, while this lumber-company gobbled up the rest. Ideally they should have rested on their laurels. A 90% stake signifies a healthy bottom line and lots of champagne, but they were restless. Their restlessness arose from their unusual plight. Being a lumber-based company, they could only operate profitably in a certain geographical area. If they tried to sell outside that area, they would run into increased transportation costs and other additional taxes, which made it unprofitable to go outside their boundaries. In short, they were “trapped” and could never expand or grow their business. What would you do in such a situation? Marketer, Jay Abraham, came up with a solution. He suggested the lumber company sell their secrets. As you can imagine, such a suggestion meets with instant pushback. The lumber company was the market leader because they had a system to treat the trees. I don't remember the story very well, but it went a bit like this: If they overdid the treatment, the lumber would be “overcooked”. If they were too cautious, the wood would be “raw” and unfit for any use. Every year, companies lost hundreds of thousands of dollars worth of precious lumber, because they hadn't perfected this system of treating the lumber just right. And now the company was being asked to sell its secrets You'd recoil if you were asked to do the same, wouldn't you? Like some crazy grandmother defending her precious recipes, you'd refuse to give away your secrets. What if the competition learned all of the methods and put you out of business? Why should you sell something that has taken you so much pain to acquire? Giving away, or selling your secrets to the competition seems like the most dimwitted thing to do. Selling